N.Y. Comp. Codes R. & Regs. tit. 10 § 441.57

Current through Register Vol. 46, No. 53, December 31, 2024

Section 441.57 - Capital lease

(a) A lease which meets one of the following four criteria:

(1) The present value of the minimum lease payments is 90 percent or more of the fair value of the property to the lessor.

(2) The lease term is 75 percent or more of the leased property's estimated economic life.

(3) The lease contains a bargain (less than fair value) purchase option.

(4) Ownership is transferred to the lessee by the end of the lease term.

(b) See FASB Statement No. 13 for further details.

N.Y. Comp. Codes R. & Regs. Tit. 10 § 441.57